I would imagine that it's more because the frame didn't sell very well.
I've only seen a few in competition lately. The used ones are hard to sell. I know that last year, Richardson Bike Mart in Richardson, TX had several in stock at greatly reduced prices and they still didn't sell. They still have 2008 and 2009 models on their closeout site at 1/3 off: http://bikemart.com/articles/closeout-pg1055.htm. I would imagine that if you offered them 1/2 of the retail price that they'd take it.
I know of one former teammate who had one and used it for maybe a month then stopped riding it and bought a Felt TK1. He tried to sell his Cervelo starting in spring of 2010. To this day I still think it hasn't sold.